Financial Freedom

In another milestone for reverse mortgage capital markets, this week marked the complete pay off of a second securitization trust of reverse mortgages this year, according to a recent New View Commentary. The first reverse mortgage securitization in U.S. history, Tuesday’s pay off of Structured Asset Securities Corporation Reverse Mortgage Loan Trust Series 1999-RM1—known as […]

The second reverse mortgage securitization in U.S. history has paid off after withstanding for several years the housing downturn and economic crisis, reports New View Advisors in its most recent commentary. Comprising proprietary “jumbo” reverse mortgages, Structured Asset Securities Corporation Reverse Mortgage Loan Trust Series 2002-RMI, known as “SASCO 2002-RM1,” is the first securitization trust […]

My name is Michael Perry. I am the former Chairman and Chief Executive Officer of IndyMac. Anyone in the reverse mortgage business knows plenty about IndyMac Bank, which was the owner of Financial Freedom before the FDIC took over the bank in July of 2008. Michael Perry, former CEO and Chairman of IndyMac Bank, is […]

In the wake of the housing crash and exits from three of the largest reverse mortgage lenders, the industry is headed toward its third straight year of loan volume decline reports Reuters. Last year, volume was down 37% from its peak in 2008 and this year it’s expected to fall again according to John Lunde, […]

OneWest Bank laid off 65 employees last week at its Financial Freedom offices in Irvine, California, the company told the Orange County Register today. The layoffs took place on May 26 and have been completed, according to OneWest. The layoffs come following OneWest’s decision to close down Financial Freedom and exit the reverse mortgage business, […]

Financial Freedom is shutting down all reverse mortgage channels according to an official letter addressed to business partners from CEO Michelle Minier, sent today. “After careful consideration, we have decided to exit the wholesale reverse mortgage origination business based on the regulatory environment and the desire to focus on the bank’s core businesses,” she said. […]